Lessons for Day Trading

 

Keep strict stop loss or a close watch, Take exit immediately If SL hit

Its a normal Tendency to change the stop loss in the middle of trade with the hope of saving a losing trade

Taking Small losses to preserve capital will not broke your trading career but Big losses do

Never ever touch your SL when its placed rather trail it, if trades started to move in profit

Never regret if you miss the Trade opportunity, Focus on Next trade opportunity

In intraday trading we will tend to miss the good trading opportunities but if we started to regret on missed chances we will start to miss few other chances

We should be in better emotional state when trading

Quality of trade matters the most –Never over Trade

Always plan your trades and execute your plan in the live market

Trades will which is strong signal and which once is weak one never take the weak signal

Include Slippage and transaction cost when back testing your system

Transaction cost is very important factor in intra day trading since profit margin will be very less you should know your break even point before taking the trade

Always include Slippages in back testing

Trade with your Own Analysis, Never ever lookout for Tips

We never seen people who made consistent profit with tips,its just short term fix but it will make you poor in the long run

Never have expectation from Market

Never expect market to move in any direction just prepare for any movements

Use Time based Stop loss when required-The longer the duration your trade remains in negative direction, higher possibility of SL hit

Don’t take the trade if risk to reward ratio is not favorable

Always take high risk reward trades-you have better chance of survival 🙂

When think about intra day trading , always trade with market trend

Trading against the market breadth is like swimming against tides,dont waste your energy go with flow

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